The online casino company LeoVegas has been penalized by the Danish Gaming Authority, Spillemyndigheden for failing to obey anti-money laundering requirements and customer due diligence.
The authority examined a sampling of 20 Danish players and found five violations between 2017 and 2019. LeoVegas allegedly allowed five patrons to deposit large amounts of money for between six and 46 months, without determining the source of the funds.
Spillemyndigheden said the firm also failed to follow its reporting obligations to inform the Anti-Money Laundering Secretariat of possible AML violations within the required time. The regulator added that LeoVegas only reported the violations after it had already discovered them.
LeoVegas said it has introduced new business procedures as of January 2020.
